Yamama Cement’s Profits Fell to SR40 Million during 3Q by 58%

The net profit after zakat and tax for Yamama Cement Company decreased to SR40 million during the third quarter, compared to SR95 million during the same quarter of the previous year by 58%.

This came after Yamama announcement on Tuesday of the interim financial results for the period ending on September 30, 2021 (9 months).

The gross profit amounted to SR54 million during the third quarter, compared to SR114 million during the same quarter of the previous year down by 52%.

The operational profit amounted to SR40 million during the third quarter, compared to SR99 million during the same quarter of the previous year, a decrease of 59%.

The net profit after zakat and tax during the current period amounted to SR173 million, 270 million riyals during the same period of the previous year, a decrease of 36%.

Profits per share during the current period amounted to SR0.85 riyals, compared to SR1.33 during the same period of the previous year.

The main reason for the decrease in net profit for the current quarter compared to the same quarter of the previous year is due to the decrease in the quantity and value of sales for the current quarter compared to the same quarter of the previous year.

While the main reason for the decrease in net profit for the current quarter compared to the previous quarter is the decrease in the value of sales for the current quarter compared to the previous quarter.

The main reason for the decrease in net profit for the current period compared to the same period of the previous year was due to the decrease in the quantity and value of sales for the current period compared to the same period of the previous year.

The proceeds from the sale of products during the period of trial tests of the asset by early application of the amendments to the IAS No (16) including (Property, Plant, and Equipment – proceeds before intended use.)

Some comparative figures have been reclassified to conform to the current view.